# Within-Union Z Deviations → CA Deviations

| Variable | EMU: Z dev | EMU: Z dev+ctrl | EMU: dist DEU | CFA: Z dev | CFA: Z dev+ctrl | ECCU: Z dev | ECCU: Z dev+ctrl | CMA: Z dev | CMA: Z dev+ctrl | CMA: dist ZAF |
|:---|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|
| Z_1_dev | -193.5372*** | -185.4627*** | | 112.3710*** | 150.3031*** | 14.3611 | -57.3176 | -57.6342 | -30.8797 | |
| | (36.9927) | (32.3060) | | (38.5491) | (52.1350) | (69.5374) | (70.6893) | (159.2539) | (177.6134) | |
| Z_2_dev | 25.6002*** | 24.8720*** | | -15.5371** | -19.2155** | 2.0705 | 12.3200 | 13.2180 | 13.5062 | |
| | (4.8174) | (4.2107) | | (6.2078) | (8.2112) | (9.9195) | (10.0053) | (25.5987) | (28.6758) | |
| Z_3_dev | -0.9462*** | -0.9270*** | | 0.6108** | 0.6638* | -0.2176 | -0.6097 | -0.6832 | -0.8365 | |
| | (0.1799) | (0.1571) | | (0.2681) | (0.3550) | (0.3859) | (0.3878) | (1.1396) | (1.2850) | |
| fiscal_bal_gdp | | 0.0079 | -0.0390 | | 0.3941*** | | 0.5361*** | | 0.1948 | 0.4617** |
| | | (0.0612) | (0.0675) | | (0.0828) | | (0.1261) | | (0.1408) | (0.1850) |
| nfa_gdp_lag | | 1.6162*** | 2.1316*** | | 1.9026 | | -4.3337* | | 6.6089** | 3.7401 |
| | | (0.6101) | (0.6288) | | (1.5806) | | (2.4234) | | (3.2376) | (4.3204) |
| rgdp_growth | | 0.0882** | 0.1122*** | | 0.2151*** | | -0.1192* | | -0.0987 | -0.2291 |
| | | (0.0356) | (0.0402) | | (0.0384) | | (0.0666) | | (0.1655) | (0.2313) |
| Z_1_dist_anchor | | | -181.7911*** | | | | | | | 32.0246 |
| | | | (29.4934) | | | | | | | (170.6620) |
| Z_2_dist_anchor | | | 24.1927*** | | | | | | | 4.9006 |
| | | | (3.7686) | | | | | | | (25.8691) |
| Z_3_dist_anchor | | | -0.8982*** | | | | | | | -0.3988 |
| | | | (0.1380) | | | | | | | (1.1308) |
|:---|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|
| N | 449 | 447 | 421 | 729 | 528 | 114 | 109 | 170 | 146 | 121 |
| R² | 0.1863 | 0.3304 | 0.3552 | 0.0712 | 0.0280 | 0.2454 | 0.3851 | 0.0270 | 0.0920 | 0.2554 |
| Countries | 19 | 19 | 18 | 14 | 14 | 6 | 6 | 4 | 4 | 3 |

*Panel GLS with country and year fixed effects. Deviations from union-year cross-sectional means. 'dist X' = distance from anchor country X.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*